Florida Chamber of Commerce Applauds Governor Scott for Signing Bill Lowering Taxes on Job Creators and Families; Targeted Tax Reform Bill Will Reduce Florida-Only Business Rent Tax & Provide Sales Tax Relief for Families
The Florida Chamber of Commerce today applauds Florida Governor Rick Scott for lowering taxes on job creators and families by signing HB 7109, sponsored by Representative Jim Boyd (R-Bradenton) and Senator Kelli Stargel (R-Lakeland), into law. This Florida Chamber-backed bill takes a major step toward addressing much-needed targeted tax reforms, including a reduction of the Florida-only business rent tax – saving job creators approximately $61 million, and a further increase in the oversubscribed R&D tax credit for innovators.
“The signing of this year’s tax package marks the first step in what we hope will be the eventual complete elimination of the business rent tax,” said FRANK WALKER, Vice President of Government Affairs for the Florida Chamber of Commerce. “With his signature today, Governor Rick Scott once again demonstrated his commitment to reducing the tax burden on Florida families and local businesses.
This Targeted Tax Reform Bill Will:
- Reduce the cost to lease business space, allowing businesses to reinvest the savings and hire additional employees, provide more employee benefits or strengthen capital,
- Encourages research and development (R&D) in Florida, spurring innovation, growth and high-wage jobs, and
- Provides back-to-school and hurricane preparedness sales tax holidays for Florida families.
The Florida Chamber and its Business Rent Tax Coalition have long-encouraged lawmakers to reduce, and eventually phase out, the Florida-only business rent tax and to continue to invest in innovation via the research and development tax credit.